Greybull-Backed British Steel Plans to Cut 400 Roles

The firm formed the company from Tata Group's U.K. steel assets, which it rescued in 2016

By

Joice Alves

September 14, 2018 3:59 p.m. GMT

British Steel Ltd., which was spun out of Tata Steel Ltd.’s U.K. assets by family office Greybull Capital LLP, said on Friday that it plans to cut 400 jobs.

Indian conglomerate Tata Group sold the business to Greybull for a nominal £1 in 2016. Greybull arranged £400 million of financing for British Steel soon after the purchase and said on its website that it has provided the company with "significant" additional capital.